Both older and younger generations are joining the labor market at a brisk pace
(NewsNation) — As more retirees re-enter the workforce, growing numbers of young people are entering it, some for the first time.
According to job site Indeed.com, 1.7 million people who retired during the pandemic are finding jobs. Some call it “the great non-retirement”. Meanwhile, there has been a shift in more teenagers and younger employees who are also heading into work.
Last month, about 55% of young people between the ages of 16 and 24 were employed, according to the US Bureau of Labor Statistics. That’s about 54% a year ago and about 47% two years ago.
“You can look at labor margins to see what’s happening in the labor mainstream,” economist Rebecca Ryan said. “We’ve been talking about this shortage for a long time — two job offers for every person coming in. So what do employers do? They get really creative.
They began to ask themselves: “How can we bring in those who are still on the sidelines? said Ryan. “So that’s part of what you see.”
One of the reasons retirees in particular seek employment is that they are on fixed incomes, which Ryan says is very sensitive to inflation. Although inflation declined in July from its 40-year high of 9.1%, it remains high at 8.5%.
“We’re going to continue to see ripples in those margins,” Ryan said. “It’s a crazy story in the economy right now.”
When working together, it’s important for older and younger people to remember that different generations work in different ways, said career expert Andrew Challenger.
“You just have to be sensitive to it. When you come in as an older worker, be aware that you may not know all of the new technologies that younger workers are truly native to, and you sometimes have to rely on their expertise,” Challenger said. “And younger workers need to know that older workers have a lot of experience to rely on.”